Bitcoin has been posting record highs since the presidential election

Crypto bulls expect Bitcoin to hit a new all-time high, previously reached in March, in the days leading up to the election. After rising above $2,000 in a matter of hours, Bitcoin price fell slightly and continues to fluctuate between $71,000 and $73,000. The currency grew 12% throughout “Uptober” – a nickname coined for the historically lucrative Bitcoin month.

The broader crypto market is following a similar trend this week, with Ethereum and Solana growing 4% and 5%, respectively. Dogecoin – the memecoin usually associated with Elon Musk – is up 23%, driven by the billionaire's mentions of the coin at several Trump rallies.

Spot Bitcoin exchange-traded funds saw strong inflows coinciding with Bitcoin's rise on Tuesday. The ETFs attracted $870 million, the third-largest inflows since they were approved in January, amid market volatility ahead of the election. Following the launch of these Bitcoin ETFs, Bitcoin reached its all-time high of over $73,000 in March.

The run comes as Trump extends his lead over Vice President Harris on Polymarket, a crypto prediction market. With the election less than a week away, Polymarket bettors are giving Trump a 67% chance of winning the election, while traditional polls see the two in a dead heat – although new evidence shows that much of the trading is on the website is fake.

Both candidates are in the final stages of their campaigns, making a final push to woo undecided voters and encourage their supporters to go to the polls. On Sunday, Trump held a rally at Madison Square Garden where Elon Musk spoke about his involvement in Trump's proposed Department of Government Efficiency (DOGE) – a reference to Dogecoin.

Trump has made significant efforts to appeal to the crypto industry this election cycle, promising to make America the “crypto capital of the planet.” He founded his own crypto company, spoke at this year's Bitcoin conference in Nashville and, among other things, promised to fire SEC Chairman Gary Gensler on day one.

While Harris has taken a more moderate pro-crypto stance than President Biden, some analysts predict that the price of Bitcoin could plummet with a Harris victory. Transform Ventures CEO and crypto millionaire Michael Terpin says the currency will continue to grow no matter what.

“There’s just too much momentum right now,” Terpin said Assets. “We're at the point in the cycle where it usually increases quite sharply. I just think Trump winning would make it go faster and higher.”